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Sangamon Sun

Monday, November 25, 2024

Former state university employee Chapa paid in $61K to pension fund, could collect $1.24M in retirement

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Former state university employee Paula Chapa, who retired in July 2017, saved $60,598 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Chapa would collect as much as $1.24 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Chapa received $26,066 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Chapa will have already received $80,567 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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